The CFA Institute is looking to counter the high number of candidates who do not show up to its Chartered Financial Analyst exams, after a fifth failed to sit the notoriously difficult tests this year.

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Results for the third and final exam of the CFA programme were emailed at 2pm BST yesterday, with 54% of the 26,882 candidates receiving a pass mark. The overall pass rate for all three levels was 46%.

The pass rate is based on the number of candidates who sit for the exam. For the third year in a row, around a fifth of those who applied across the three-part course - 20% in 2012, 19% in 2013 and 20% in 2014 - did not turn up for the six-hour tests.

"We're trying to evaluate why that is," said Kate Lander, the CFA's head of education for Europe, the Middle East and Africa.

Intakes for the June 2015 exams are in September 2014 and March 2015 but later applicants will spend double on registration fees - $1,250 in March versus $630 in September. The fee discount is a long-standing practice to encourage candidates to give themselves more time to prepare and make them less likely to skip the exam.

Lander said: "We encourage people to start work as early as possible [so they have time to prepare], so the earlier you register, the cheaper it is."

The CFA says that each level requires more than 300 hours of study, with the whole course usually taking four years to complete. Most candidates will also be in full-time employment, often in buyside jobs, equity research or fixed income.

To help reduce no-show rates, the CFA emails candidates to remind them of deadlines and this year introduced an ‘interactive study planner’ to help manage time. The CFA also conducts surveys to find out why candidates do not attend exams, and has found the most frequently cited reasons to be work or family commitments and medical issues.

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"By the time you get to level three, you've got even more to juggle," said Lander, who pointed to the added responsibilities these candidates are likely to have.

"Nerves at level three can be the greatest - it's the finishing mile of the marathon. We hope [those who don't pass] sit next year."

Exam results for levels one and two candidates were announced in July, with a respective 42% and 46% of candidates obtaining a pass. These results are above the 10-year average of 39% and 44% for those levels, according to CFA data.

The Level 1 exam, which is offered twice a year, includes basic knowledge and comprehension questions focused on investment tools, while Level 2 emphasises more complex analysis, along with a focus on valuing assets. Level 3 tests candidates on effective portfolio management and wealth planning.

"People are putting themselves through a lot of hard work and pain to raise the level of professional excellence in the industry," said Lander. "They should be celebrated."